Press Releases

Financial Services Committee Chairman Spencer Bachus made the following statement concerning today's Subcommittee hearing on legislative proposals regarding bank examination practices. "Every member of Congress has heard the concerns of small business owners and bankers about overzealous regulators. "No one wants regulators to allow unsafe practices, but no one wants regulators… Read more »

Subcommittee to Vote on 7 Bills Next Week That Protect Taxpayers From Bailout WASHINGTON -The Financial Services Committee will continue moving forward next week with needed reforms of Fannie Mae and Freddie Mac to end the taxpayer-funded bailout of the government sponsored enterprises. The Capital Markets and Government Sponsored Enterprises Subcommittee will meet on Tuesday, July… Read more »

Two Financial Services subcommittees will hold a joint hearing on Thursday, July 7 to review the role of Federal regulators in the ongoing mortgage servicing settlement negotiations and the development of new mortgage servicing standards.  Witnesses will include regulators from the Office of the Comptroller of the Currency, the FDIC, and the Consumer Financial Protection Bureau, and… Read more »

WASHINGTON – The Subcommittee on Capital Markets and Government Sponsored Enterprises will conduct a hearing on the state of the mutual fund industry on Friday, June 24.  It will be the first Financial Services Committee oversight hearing focusing on the mutual fund industry since 2005. The Subcommittee hearing, entitled “Oversight of the Mutual Fund Industry: Ensuring Market… Read more »

Domestic Monetary Policy and Technology Subcommittee Chairman Ron Paul announced today that the subcommittee will hold a hearing on legislation calling for a full audit of U.S. gold reserves. H.R. 1495, the “Gold Reserve Transparency Act of 2011,” calls for an audit by the Treasury that gives a full and thorough accounting of the U.S. government’s gold reserves, requiring an inventory… Read more »

The Financial Services Committee today approved the Small Company Capital Formation Act (H.R. 1070) introduced by Rep. David Schweikert. The bill makes it easier for small businesses to access capital, which will permit greater investment in these companies and will allow them to grow and create new jobs. “I am extremely pleased that the Financial Services Committee passed my Small… Read more »

The Financial Services Committee approved legislation by Rep. Robert Hurt removing a costly Dodd-Frank Act mandate to allow small businesses easier access to private capital.  The Small Business Capital Access and Job Preservation Act (H.R. 1082) exempts private equity fund advisers from having to register with the Securities and Exchange Commission so long as the fund does not… Read more »

Continuing the Financial Services Committee’s efforts to identify and fix government policies standing in the way of job creation and economic growth, the Committee today approved a bill sponsored by Rep. Nan Hayworth to help companies utilize their resources for new jobs and investment. The Burdensome Data Collection Relief Act (H.R. 1062) repeals a costly requirement the Dodd-Frank Act… Read more »

The leadership of the Financial Services Committee and the Oversight and Government Reform Committee continue to express concerns about a lack of transparency and accountability at the new Consumer Financial Protection Bureau (CFPB).  Leaders of these two House committees on Monday sent a letter to Treasury Secretary Timothy Geithner requesting documents reflecting coordination… Read more »

The Financial Services Committee on Wednesday will consider legislation to establish a framework that allows U.S. financial institutions to issue covered bonds. Covered bonds, seen by many as a vital alternative to the securitization model, have been used in Europe for centuries to finance mortgages and public sector loans. Covered bonds are a form of debt in which specific assets –… Read more »